Sorl Auto Parts, Inc. (NASDAQ: SORL) soared after the company reported strong results for its third quarter and raised its FY17 outlook. The company reported Q3 EPS of 44 cents, up from 17 cents in the same quarter of last year. The company reported sales of $101.33 million, up from $63.7 million in the same quarter of last year.
The Chinese-based manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced net sales increased by 59.0% to $101.3 million in the third quarter of 2017 compared to $63.7 million in the third quarter of 2016. Net Income attributable to stockholders rose by 165.0%% to $8.6 million from $3.2 million in the third quarter of 2016.
Sorl CEO Xiaoping Zhang said, "We are excited to report that our sales growth in all three segments accelerated during the quarter. We continue to capture market share in the Chinese commercial vehicle braking market with our new advanced products and attractive pricing. Our OEM sales soared 70.6% compared with a 28.0% increase in overall commercial vehicle sales and a 31.8% sales growth in trucks. Our aftermarket sales in China grew at an even faster rate of 76.0% in the third quarter."
"Demand for our innovative products has increased as we provide technologically advanced solutions to meet the evolving needs of our customers. Our stringent cost controls and production efficiencies have enhanced our profitability during the third quarter of 2017.”
Stock prices hiked $1.48, or 24.7%, late in Wednesday’s session to $7.47.
